Money: Canada Waives the Rules

Good sense sometimes makes the most thundering
heresy. Example: Canada's new floating dollar. At its old fixed value
of 92.5 U.S. cents, the currency was clearly undervalued; foreign money
was pouring into Canada and aggravating an inflationary trend. Yet
Canadian officials did not want to try to guess what official price
would be right. So they decided last week to let the Canadian dollar
sell for an indefinite period at whatever price foreign moneymen would
pay (which by week's end was just under 97 U.S. cents). The move
followed the example of West Germany, which last fall let the...